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Popular Word Problems >

You deposit 24 in an account earning 5% interest compounded monthly. How much will you have in the account in 1 years?

Solution

Y o u d e p os i t 24 in an a cco u n t e a r nin g 5% in t eres t co m p o u n d e d m o n t h l y . Ho w m u c h w i ll yo u ha v e in t h e a cco u n t in 1 ye a rs ?

Solution

Amount : 25.23

Solution steps

Translate the problem into an equation:

A = 24 (1 + \frac{0.05}{12})^{12 \cdot 1}

24 (1 + \frac{0.05}{12})^{12 \cdot 1} = 25.22788 \dots

Round to the nearest hundredth:

25.23

Amount : 25.23

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